need some advice about buying a home...

coco-nut

Addicted to H
O.G.
Jan 15, 2006
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my3sons said:
Hi Coconut. I've used it before. I appraised the 1st home I own with it and it's 100K lower than when I had someone come out to appraise. However I did extensive upgrades which are HARD to calculate and input into a program. Did you do any of that?
No. The entire area turned out to be wrong. To me, it looks as if they used the SEV (state equalized value) from about eight years ago. Typically, current SEV is around 40% of the selling price in that market.

I also read a real estate agents' webboard, and agents have cited example after example of how zillow was more than 15% off at locations all around the country. Turns out it's fairly correct in my area, but in order to place an accurate value on a home, recent sales data of the area is essential, along with knowing the specific features and condition of the house.